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UBNT > SEC Filings for UBNT > Form 8-K on 6-Mar-2014All Recent SEC Filings

Show all filings for UBIQUITI NETWORKS, INC.



Other Events

Item 8.01 Other Events.

As previously reported, in June 2011 Ubiquiti Networks, Inc. (the "Company") filed a self-disclosure with U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") regarding potential violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the "ITSR"). On March 4, 2014, the Company entered into a settlement agreement with OFAC resolving this administrative matter. Based upon its review of the matter, OFAC identified certain apparent violations ("Apparent Violations") of the ITSR by the Company during the period of in or about March 2008 through in or about February 2011. Pursuant to the terms of the settlement agreement, the Company agreed to make a one-time payment to the U.S. Department of the Treasury in the amount of $504,225 in consideration of OFAC agreeing to release and forever discharge the Company from any and all civil liability in connection with the Apparent Violations. The entering into of the settlement agreement is not an admission that the Company engaged in any of the Apparent Violations. The Company previously accrued a reserve of $1.6 million relating to this matter in fiscal 2010 and, accordingly, reversed the excess of the accrual as of the effective date of the settlement agreement. See, Part II-Other Information, Item 1. "Legal Proceedings" in the Company's report on Form 10-Q for the quarterly period ended December 31, 2013.

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